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USDA's July cattle inventory showed 95.9 million head of cattle and calves on US farms as of July 1, down 3% from a year earlier. Beef cows fell 3% to 29.4 million, and cattle on feed were down 2%.
Ranchers are not yet rebuilding herds after last year's drought.
A smaller herd and fewer cattle on feed tighten near-term beef supply, which supports live and feeder cattle prices. Herd rebuilding is slow, so the supply constraint may last.
texasfarmbureau.orgEmmy PowellJul 24, 2023After 268 past bullish report events, Live Cattle moved a median +0.3% over 5 sessions (58% higher; middle half -0.7% to +1.4%), and +1.7% over 20.
After 227 past bullish report events, Feeder Cattle moved a median +0.4% over 5 sessions (57% higher; middle half -1.2% to +1.5%), and +1.1% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
